Eight FinTechs already on their way to regulatory

    Ready for the market, one has already received a concession

    Vienna (APA-ots) – Since the founding of its “Regulatory Sandbox” on September 1st

    In 2020, the Austrian Financial Market Authority (FMA) has eight FinTechs

    included in it and thus offers them the opportunity to

    innovative business models in a protected environment

    to develop regulatory maturity. Five of these providers are striving

    an approval as a Europe-wide crowdfunding service provider

    according to the EU crowdfunding regulation ECSP[1] on. the others

    three intend innovative financial services related to

    To provide crypto assets and financial instruments in such a way that this a

    License under the Securities Supervision Act 2018 or the

    Banking Act required. In addition to newly founded startups

    also already established and licensed providers the Regulatory

    Sandbox to provide regulatory support for innovative business lines and models

    to develop market maturity.

    The first sandbox participant was already able to at the beginning of 2022

    a securities concession to operate a digital

    Trading Platform for Transferable Securities. On

    Virtual currency service providers and a

    Crowdfunding service providers already have registration or

    license applications submitted. The other participants are located

    still at the stage where they are in close coordination with the supervisor

    work out the requirements for obtaining a license.

    The prerequisite for inclusion in the sandbox is a positive one

    Statement of the Regulatory Sandbox Advisory Board, the expert of

    public administration, business, science and

    belong to supervision. This has in the approval process

    economic interest from macroeconomic and

    location-political point of view, the innovative character as well as the

    to check the test maturity of the business model.

    More information about the sandbox can be found on the FMA website

    among

    [https://www.fma.gv.at/kontaktstelle-fintech-sandbox/fma-sandbox/]

    (https://www.fma.gv.at/kontaktstelle-fintech-sandbox/fma-sandbox/).

    * * *

    [1] Regulation on European Crowdfunding Service Providers (ECSP):

    Regulation (EU) 2020/1503 on European crowdfunding service providers

    (ECSP-VO)

    Query note:

    Klaus Grubelnik (FMA media spokesman)

    +43 (0)676 88 249 516 or +43 (0)1 249 59 – 6006

    Digital press kit: http://www.ots.at/pressemappe/694/aom

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